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CUSMA Review 2026: What Happens on July 1 — and What It Means for Your Wallet

The trade deal that governs nearly $1.3 trillion in Canada-U.S. commerce is up for review in less than a week. Here's what's at stake for Canadian families — and how to protect your budget whatever happens next. By MoneySavings.ca Staff  |   June 25, 2026 Canada Day is almost here — and this year, July 1 carries a lot more weight than fireworks and barbecues. On that same date, Canada, the United States, and Mexico are required to sit down for the first mandatory review of the Canada–United States–Mexico Agreement , known in Canada as CUSMA (and in the U.S. as the USMCA). The outcome of these talks will help shape the price of your groceries, your next car payment, Canadian jobs, and the overall cost of living for years to come. If you've heard the buzz but aren't sure what it all means for your household budget, you're in the right place. Here's your plain-language breakdown. What Is CUSMA — and Why Should You Care? CUSMA replaced the old NAFTA deal in 2020 an...
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US blocks UN call for Gaza truce, proposes rival resolution

The United States has once again used its veto power to block a UN Security Council resolution calling for an immediate humanitarian cease-fire in the Gaza Strip, where Israel has been waging a devastating military campaign against Hamas militants since November.

The US was the only member to vote against the draft resolution, which was sponsored by Algeria on behalf of Arab states and had the support of 13 other council members. The UK abstained, citing concerns over the wording of the text.

The resolution would have demanded that Israel and Hamas stop all hostilities and respect international humanitarian law, as well as allow the unimpeded delivery of aid to the besieged enclave. It would have also urged the release of all hostages held by both sides, and called for a comprehensive and lasting solution to the Israeli-Palestinian conflict based on a two-state solution.

The US, however, argued that the resolution was unbalanced and would undermine the ongoing efforts to broker a deal between Israel and Hamas that would secure a temporary cease-fire and the release of all hostages. The US also accused Hamas of being responsible for the escalation of violence and the suffering of civilians in Gaza.

Instead, the US circulated its own draft resolution, which would condemn Hamas for its rocket attacks and tunnel infiltration into Israel, and support a temporary cease-fire in Gaza linked to the release of all hostages. The US resolution would also call for the lifting of all restrictions on the delivery of humanitarian aid, and urge the parties to resume negotiations for a lasting peace.

The US said it would engage in intensive negotiations with other council members on its draft resolution, but did not specify a timeline for a vote. The US also said it recognized the urgency of the situation and the need to end the bloodshed.

The Arab states, however, expressed disappointment and frustration over the US veto, and said they would continue to press for a Security Council action to protect the civilians in Gaza and end the Israeli aggression. They also warned that the failure of the council to act would further erode its credibility and legitimacy.

The Palestinian observer to the UN said the US veto did not absolve Israel of its obligations under international law, and called for the international community to hold Israel accountable for its war crimes and violations of human rights. The Israeli ambassador to the UN said a cease-fire would be a death sentence for both Israelis and Palestinians, and claimed that Israel was acting in self-defense and doing everything possible to avoid civilian casualties.

According to the latest figures from the UN, more than 30,000 Palestinians have been killed and over 100,000 injured in the Israeli offensive, which has also destroyed or damaged thousands of homes, schools, hospitals, and infrastructure. About 1.8 million people in Gaza are living in dire humanitarian conditions, with limited access to food, water, electricity, and medical care. Israel has also suffered 1,500 deaths and 6,000 injuries from Hamas rocket attacks and tunnel raids, and has seen widespread disruption of daily life and economic activity.

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